The 3 things that Citi’s EMEA investment banking chief will always make time for in his job

LONDON - Manolo Falco, head of EMEA
corporate and investment banking at Citi, says there
are three things he will always make time for in his job.

First is deal making and doing transactions for
clients.Second is building teams to battle Citi's competitors in
the M&A and deals league tables.And third is spending four days a year to lead Citi's
volunteer programme in Africa, in which young bankers mentor
local entrepreneurs for six weeks.

"I went the first year and my mind exploded in a positive
sense," Falco said, appearing relaxed in a t-shirt and jeans in
an interview in London. "I have to say since then, I've thought,
'whatever is happening, I'm going" ... I really enjoy being
there."

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"You know, four days of my life there are a lot of things
that happen, but I'm very much of the mind that this is a
wonderful opportunity to create something," he said.

The programme is in its second year and saw 24 young
volunteers from Citi's four global regions spend a month and a
half in Jinja and Mbale in Uganda. The bankers are split into
groups of three, and each group is assigned two
entrepreneurs.

We're using this in the universities now, as one of the
selling points of working for Citi.

They aim to spend five weeks analysing the business and
identifying growth opportunities, after which time Falco and his
senior managers fly out to hear pitches for investment, Dragon's
Den style.

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While the investment amounts - between about $1,000 and
$2,000 - are about a million times smaller than the deals Falco
is used to, they are an important boost the local businesses.

The bank benefits as well by boosting by giving its junior
bankers some practical training for their finance skills, while
at the same time bonding them to the bank and each other.

"Jinja is where the Nile begins and so it's a pretty unique
place. In the weekends the volunteers have free time and so they
did rafting in the Nile, safaris, saw the gorillas," he said.
"They've had a fantastic time and they've done something very
powerful."

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Citi

The final point is an important one for the bank.

Gone are the days when investment banks could turn up to
universities and simply cream off the best talent and retain them
with ever-growing bonuses. Since the 2008 financial crisis, and
the tech boom, banks have found it harder to compete with other
industries for the top people.

"You know, banking used to be the obvious first pick of
students leaving university and now we have a lot of competition
from new technology companies so this is undoubtedly something
that helps us retain and bring in the best talent," Falco
said.

They have breakfast, lunch and dinner
together. Part of it is to live a project with your generation
all together.

"I think this project, if we did it 20 years ago it would
create the same buzz. Africa is a very special place, it's so
beautiful and also the last frontier in many ways," Falco
said.

"But also this generation, the millennials, are more
concerned about their social obligations and want to give back to
society. We definitely see it as something that would help us
recruit good people. We're using this in the universities now, as
one of the selling points of working for Citi," he said.

The programme has "many times" more applicants than places
available, Falco said, and the bank tries to get a balance
between men and women and volunteers from different parts of the
bank.

"There is a committee of very impartial people and
candidates have to present why they want to go and the reasons
why they feel this is important," said Falco. "It's open to
everyone to apply, not just the top performers, we want a good
mix of people."

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Citi

Then they are thrown together, living in the same hostels.
"They have breakfast, lunch and dinner together. Part of it
is to live a project with your generation all together," Falco
said.

Once the business plans are finalised, and the investment
amounts decided, the volunteers stay an extra week to make sure
the funds are put to good use.

After which they return home, but are still able to stay in
contact with their entrepreneurs. Falco also makes follow up
analyses of the businesses, some of which he says are doing "very
well."

"It's a phenomenal combination of three things. Giving
back, having an adventure and also creating a bond between the
volunteers and Citi," he said. "The whole thing is
pretty powerful, I have to say."